Mortgage Calculator
Calculate mortgage payments with PITI: principal, interest, tax, insurance and PMI.
360 months (30 years)
Cost Breakdown
Balance & Interest Over Time
Enter an extra amount to see how much interest you'd save.
Results are estimates for informational purposes only. Consult a financial advisor for personalised advice.
How to use
- 1
Pick the loan type that matches your situation
- 2
Enter the loan amount, interest rate and term
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See your monthly payment, total interest and full schedule instantly
Free Mortgage Calculator โ Monthly Payment with Tax, Insurance & PMI
Calculate your monthly mortgage payment including principal, interest, property tax, home insurance and PMI. Full amortization schedule. Free, instant, no signup.
A mortgage calculator helps you estimate your full monthly housing cost before you make an offer on a home. Beyond the principal and interest payment, homeowners typically pay property tax, home insurance, and โ if their down payment is less than 20% โ Private Mortgage Insurance (PMI). Skycally's mortgage calculator combines all four into a single monthly total (PITI: Principal, Interest, Tax, Insurance).
The amortization chart shows a critical insight most buyers miss: in the early years of a 30-year mortgage, the majority of each payment goes to interest rather than building equity. At a 6.5% rate on a $300,000 loan, the first payment is $1,896 โ but only $271 of that reduces the balance. This is why making even one extra principal payment per year can save tens of thousands of dollars and cut years off the loan.
When comparing mortgage offers, look beyond the interest rate to the APR, which includes origination fees and points. A loan with a slightly lower rate but high fees may cost more over the full term than one with a slightly higher rate and no fees โ especially if you plan to sell or refinance within 7โ10 years.
Frequently Asked Questions
What does PITI mean?
PITI stands for Principal, Interest, Taxes, and Insurance โ the four components of a full monthly mortgage payment. Lenders use PITI to calculate your debt-to-income ratio when approving your loan.
What is PMI and when do I need it?
Private Mortgage Insurance is required when your down payment is less than 20% of the home's purchase price. It protects the lender if you default. PMI typically costs 0.5%โ1.5% of the loan amount annually and can be cancelled once your equity reaches 20%.
How much down payment do I need?
Conventional loans typically require 5โ20%. FHA loans allow as low as 3.5%. VA and USDA loans may allow 0% down. A larger down payment reduces your monthly payment, eliminates PMI, and means you borrow less total.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay far less interest overall. A 30-year mortgage has lower monthly payments, giving more cash flow flexibility, but costs significantly more in interest over the life of the loan. Use this calculator to compare both scenarios.
What is a good mortgage interest rate?
Mortgage rates change daily based on economic conditions. Historically, rates below 4% are very low, 4โ6% is moderate, and above 7% is high by recent standards. Check current rates from multiple lenders on the same day for accurate comparison.
How does extra payment reduce my mortgage?
Extra principal payments reduce the balance faster, which reduces the interest charged next month, which means more of future regular payments go to principal โ a compounding snowball effect. Even $100/month extra on a $300,000 30-year mortgage can save over $30,000 in interest.
What is the difference between fixed and variable rate mortgages?
A fixed-rate mortgage has the same interest rate for the entire loan term. A variable (adjustable) rate mortgage (ARM) starts with a lower rate that changes periodically based on a market index. This calculator assumes a fixed rate.
Is my mortgage data sent to a server?
No. All calculations run in your browser. Nothing is uploaded or stored anywhere outside your device.
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